The country’s ecosystem for start-ups and scale-ups benefits from the investments in research, development and innovation. It is expanding in line with the objectives to diversify Oman’s economy and to drive the participation of the private sector.
The establishment of the Oman Technology Fund (OTF) in 2016 led to the emergence of a thriving scene for entrepreneurs, inventors and innovators. According to MAGNiTT, Oman’s start-ups and scale-ups secured OMR 30.8 million (USD 80 million) in investments in the first half of 2020.
In order to promote and support the ecosystem, Oman’s first private venture capital (VC) firm known as Phaze Ventures was founded to enable innovation and to tap into a youthful market. The firm invests in disruptive technologies in the energy and logistics sector and specialises in the industrial internet of things, artificial intelligence applications, nanotechnology and industrial automation.
Earlier this year, Phaze Ventures announced a partnership with Oman’s integrated energy services company known as OQ. The companies will invest in energy technology and talent development, technology incubation and pilot projects regionally and internationally. The tie-up builds on strategic cooperations and collaborations with Petroleum Development Oman (PDO) and other forward-thinking public and private organizations in Oman.
Oman`s (business) ecosystem was resilient throughout the pandemic and has seen new venture deals continue to accelerate. The economic impact of the pandemic has seen start-ups and scale-ups be more focused on sustainability and profitability than ever before.
Please click on the link and reach out to learn more about (business) ecosystem for start-ups and scale-ups in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.
Sur Oasis Incubator in Sur Industrial City has welcomed its first cohort of entrepreneurs, innovators and inventors most recently.Read more
Oman recorded a budget surplus of OMR 784 million (USD 2 billion) in the first half of 2022 according to data provided by Oman News Agency (ONA).
The country’s total revenue in the first six months...Read more
The Sultanate of Oman is witnessing a surge of tourists from GCC countries according to the National Centre for Statistics and Information (NCSI).
The increase was most obvious during the months of...Read more
Oman`s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a ministerial decision concerning income generating household businesses.
As a result, the new measures will legalise...Read more
Oman Investment Authority (OIA) recently hosted the Renewable Energy Conference to present green energy investment opportunities to the international market.
The conference was jointly organised by...Read more
Madayn, Oman’s Public Establishment for Industrial Estates, has announced the Ibri Industrial City project completion rate has surpassed 27%.
Phase one of the project is being developed in the Wilayat...Read more
The Sultanate of Oman`s Ministry of Housing & Urban Planning has launched an innovative initiative to develop three smart cities in different parts of the country.
It has invited international urban...Read more
The Sultanate of Oman is introducing a wide range of innovative incentives to attract foreign direct investment and to boost exports to third countries in the region and beyond.
There are 135 new initiatives...Read more